11:11 AM EDT, 07/30/2024 (MT Newswires) -- Kobo Resources ( KBRIF ) on Tuesday said it is advancing its strategic relationship with Luso Global Mining, a subsidiary of Mota-Engil SGPS.

Luso was lead investor in Kobo's recent private placement and now owns 9.99% of the company's issued and outstanding shares on a non-diluted basis.

As per the relationship agreement between the two parties, Luso exercised its right to propose a director to Kobo's board and nominated Vivek Dharni who leads fund raising and capital structuring for Mota-Engil (Africa). Shareholders will vote on the nomination at an Aug.29 meeting.

Kobo shares were last seen down $0.01 to $0.31 on the TSX Venture Exchange.

Price: 0.31, Change: -0.01, Percent Change: -3.13